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Money worries for families with schoolchildren increase due to the pandemic

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A large number of parents say their financial situation has been negatively affected by Covid-19 through reduced income or increased costs.

This has lead to around one in four parents saying they will suffer from increased financial strain in sending their children to school due to the economic effect of the pandemic, according to a new cost of education survey from insurer Zurich Life Assurance.

The survey, carried out by iReach Market Research, found 42pc of parents say they have taken a financial hit due to the coronavirus outbreak.

More than a third of parents surveyed believe Covid-19 pandemic disruption will negatively affect their child's learning.

However, six out of 10 parents have some form of family savings in place that they are able to use to reduce the financial strain of the pandemic, according to the survey, which included a sample of 600 respondents.

Large numbers of parents now say they are more likely to create a family savings fund to protect their family against the impact of potential future crises.

Some families feel the costs of child-rearing has reduced due to the pandemic - 17pc say they expect to spend less, although the reason for this was not outlined.

The research found the average annual spend to send a child to secondary school is now €1,891. This is up €156 from last year.

Researchers found most secondary expense categories remain relatively steady compared with last year.

But the Zurich research does show the highest spend during the secondary school year is set to be on grinds, followed by lunches and school trips.

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However, most school trips are unlikely to go ahead in the coming academic year.

The biggest spend for parents of primary school children is on activities, at an average cost of €200.

Visit our Covid-19 vaccine dashboard for updates on the roll out of the vaccination program and the rate of Coronavirus cases Ireland


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